Partnership Buzz Lifts FinTech IPO Index 2%

Earnings season has yet to be fully felt in the FinTech IPO Index’s realm, and in fact several of the news items through the week, alongside press releases, were focused on actual earnings release dates stretching out toward the end of the month and into August.

The FinTech IPO Index rose 2%, tied mainly to partnerships, as platforms and new product announcements were commonplace, and in some cases drove shares up (and down) by double digits.

Opendoor Surges on Cash Plus Rollout

Opendoor shares were up nearly 46.7%.

The company said this week that it had launched Cash Plus, a new addition to its product offerings for home sellers and agents, which the firm said marries Cash Offer “with the ability to market a home with a trusted agent partner.” The firm detailed that Cash Plus provides immediate cash for sellers in as little as 14 days; the home is readied for sale by Opendoor and then sold on the open market in tandem with local partner agents.

Opendoor distributes any additional proceeds with the seller once the home resells, less fees and expenses. Cash Plus is available to Key Connections agent partners in three markets, spanning Dallas, Nashville and Raleigh, and will be rolled out across all markets.

In a separate announcement, Affirm and New Look Vision Group, a North American optical retailer with over 475 stores in the U.S. and Canada, struck a new partnership in Canada. Through the joint efforts, approved Canadian consumers purchasing prescription glasses, sunglasses or contact lenses, can select Affirm at checkout to split their purchases into biweekly or monthly payments. Affirm shares slipped 5.3%.

Alkami’s stock dipped 1.8%. This week, the company said it had integrated its Full Funnel Marketing (including Customer Insights & Marketing Automation) solution with HubSpot. As a HubSpot solutions partner, Alkami enables financial institutions to orchestrate data-driven engagement strategies. The Data Insights identifies account holders’ lifestyle, financial behavior, and engagement patterns to help craft those engagements.

PYMNTS reported that a dispute over advisory fees between stablecoin issuer Circle and financial advisory firm Financial Technology Partners (FT Partners) has reached the courts. The conflict originates from a 2020 agreement, in which FT Partners was hired to advise Circle on selling and raising capital, according to a March filing.

FT Partners alleges Circle’s termination was an attempt to dodge tens of millions of dollars in contractually owed fees, particularly after Circle went public. Circle, for its part, said it terminated FT Partners for valid reasons and disputes that it owes additional fees, according to reports. Circle shares were off by 17.9%.

Blend indicated earlier this month that it had expanded its partnership to bring Doma’s AI-powered instant title decisioning to more lenders across the Blend platform.

Lenders using Blend’s flagship Mortgage and Rapid Home Lending solutions can now access instant title decisions via Doma’s Upfront Title, which is embedded into the borrower application flow. The integration creates a fully digital, end-to-end title and closing process that accelerates time to close and enhances the borrower experience, the companies said in a release.

The move comes after Blend sold its title insurance business. The expansion with Doma continues Blend’s strategic shift toward offering software-driven title solutions through trusted partners, rather than operating those services directly. Blend shares gained 2.3% through the week.